4th Oct, 2019
Downsizing is more commonly associated with older people, who have children that have flown the nest, meaning they no longer have use for those extra bedrooms.
In fact, these additional rooms can sometimes become a burden and hard to keep on top of - particularly if someone isn't as mobile as they used to be.
But how do you know when it's the right time to downsize? Here are our top tips...
The is the key factor in deciding whether you should move into a smaller property. Is it becoming increasingly difficult to clean all of the rooms in your home? Or even getting to the toilet and your bedroom? If the answer is yes, now is a good time to begin your search.
You'll probably want to remain independent and be able to do things for yourself so, when looking for a new house, keep in mind room size, stairs and the location of toilets and bedrooms.
Children and grandchildren
There will come a time in most of our lives when we will have grandchildren -- and we'll want to see and spend time with them as much as possible.
Depending on how far away you live, they may have to stay with you when they come to visit, and if you no longer have enough space you may not be able to accommodate them.
If there are nearby hotels they could stay in one of those, or you may wish to delay downsizing instead. Alternatively, bungalows are a great option for those who need everything to be on one floor, but don't want to compromise on the size and number of bedrooms.
Living off your pension fund may mean that your income has dropped. So, take a look at your outgoings and see if your mortgage -- if you still have one -- insurance and property taxes exceed 30% of your monthly funds. If the answer is yes, now may be the time to downsize.
This will free up some money to really enjoy your retirement.
Similar to not being able to keep up with the maintenance of an almost-empty house, it may be that you're just not using the space anymore. Be honest with yourself, and if you really don't need the added room, look for a more affordable home.
Letting go of a beloved property certainly isn't easy but it's important to realise that you can make more memories in your new space. Keeping a house that's too big for your needs can cost you a lot - and is it really worth it?
Downsizing can offer you the best of both worlds - a comfortable place to live and more money in your pocket.
If you're on the lookout for a smaller home, check out what's currently on the market.
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